SAN ANTONIO — Strategic Storage Growth Trust (SSGT), which is sponsored by SmartStop Asset Management, has acquired a self-storage facility in San Antonio for $12.3 million. The facility consists of 385 self-storage units and 49,250 square feet of storage space. In addition, the property contains 5,800 square feet of cold storage space, 8,300 square feet of office space and 9,000 square feet of warehouse space. The property, located at 875 E. Ashby Place, will offer climate-controlled units.
MCALLEN, TEXAS — Hunington Properties has arranged the sale of a 5,000-square-foot Burger King restaurant located at 700 W. Nolana St. in McAllen. The tenant operates 275 Burger King restaurants in Texas and Florida. The premises are subject to a long-term triple net lease.
ROCKVILLE, MD. — PCCP has provided a $34.1 million loan for the acquisition and lease-up of Park Plaza I and II, a 264,285-square-foot office campus located in Rockville, a Maryland suburb of Washington, D.C. Park Plaza I was 86 percent leased at the time of sale to tenants such as Northrop Grumman and Monument Bank, and Park Plaza II was 14 percent leased at the time of sale, offering the only available contiguous block of Class A office in Rockville exceeding 100,000 square feet. John Campanella of Cushman & Wakefield arranged the loan through PPC on behalf of the borrower, an affiliate of Marcus Capital Partners Fund II LP.
CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.
LITHONIA, GA. — Chicago-based Stage Equity Partners LLC has purchased Stonecrest Medical Office Building, a 31,000-square-foot, hospital-sponsored property in Lithonia, a suburb of Atlanta in DeKalb County. Stage Equity purchased the Class A medical office building from a private investment group for $6 million in an off-market transaction. DeKalb Regional Health System anchors the two-story, multi-tenant property. MB Financial Bank provided acquisition financing for the medical office facility, which is located at 8225 Mall Parkway, across the street from The Mall at Stonecrest.
OCALA, FLA. — Crossman & Co. has brokered the $4.4 million sale of Pearl Britain Plaza, an 82,216-square-foot, Publix-anchored shopping center in northeast Ocala. A private investor based in Coral Gables, Fla., purchased the shopping center and its 18.5-acre site from Troy, Mich.-based Pearl Britain Development. The property was 70 percent leased at the time of sale. Mark Thompson of Crossman & Co. represented the seller in the transaction. Thompson has recently negotiated the sale of two other Central Florida shopping centers: the Shoppes at Andover in Orlando and the Plaza Del Sol in Longwood.
MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.
YORK, PA. — Alliance HSP has acquired two industrial properties located at 2925 E. Market St. and 789 Kings Mill Road in York. D&D Distribution sold the assets, which total 566,000 square feet, for an undisclosed price. As part of the transaction, Alliance HSP entered into a full-building, three-year leaseback with D&D Distribution for the 180,000-square-foot property at 789 Kings Mill Road and a long-term lease totaling 250,000 square feet with Stauffer’s Biscuit Co. at the 386,000-square-foot building at 2925 E. Market St. Alliance HSP has started a capital improvement plan at 2925 E. Market St. The improvements, including a new roof, enhanced loading docks and improved truck circulation, are slated for completion in April. Gerry Blinebury of Cushman & Wakefield represented D&D Distribution in the transactions.
STAMFORD, CONN. — Mission Capital Advisors has arranged a $24.5 million loan for an office building located 9 W. Broad St. in Stamford. The borrower was a joint venture between certain funds managed by Westport Capital Partners and Forstone Capital. The 191,000-square-foot property was recently repositioned and upgraded by the ownership, which acquired the nearly vacant property in 2013. The property now features a ground-floor cafeteria, fitness center, conference rooms, lobbies and common areas. Additionally, the building features 540 on-site parking spaces and a shuttle service to the Stamford Transportation Center. Jordan Ray, Ari Hirt, Steven Buchwald and Lexington Henn of Mission Capital represented the borrower in the financing.
PHILADELPHIA — Shorenstein Properties LLC has acquired the 848,000-square-foot 1700 Market Street building, located in Philadelphia’s Center City submarket. The Philadelphia Business Journal reported the asset was purchased for just under $200 million. The 32-story office tower is located at the intersection of Market and 17th streets and provides more than 675 parking spaces and 30,000-square-foot floor plates. Shorenstein plans to renovate and upgrade the building. Amenities at 1700 Market Street include a fitness center, a child care facility, dry-cleaning facility, travel agency, restaurants, florist, pharmacy and branch bank.